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October 19, 2009
Another lawsuit for Atlantic Yards
Opponents of the Atlantic Yards arena project in Brooklyn have filed another lawsuit against it — yes, different from the one filed last Tuesday, and also different from the one that had an appeals court hearing last Wednesday. The latest suit is against the state-run Empire State Development Corporation, charging that in revising its agreement with developer and New Jersey Nets owner Bruce Ratner it's breached its own project agreement in several ways: no longer clearing up "blight" (since the last of developer Bruce Ratner's rent payments on the arena land wouldn't be paid until 2030), making affordable housing contingent on public subsidies, and changing plans without conducting a new appraisal.
Whether any of this will hold up in court is anyone's guess, but it can't be making the bond insurers happy.